New York Mayor Proposes Repealing BitLicense for Crypto Companies

At the Bitcoin 2025 conference, New York City Mayor Eric Adams called for the repeal of the BitLicense, which is issued by the New York State Department of Financial Services (NYDFS) to crypto companies.

In his opinion, the existing requirements are too strict and hinder the development of innovative business in the field of digital assets. Adams emphasized that New York should take a leading position in the development of blockchain technologies and cryptoeconomics.

"New York should become a real empire of cryptocurrencies. We should not destroy promising areas, but rather develop them. I want crypto companies to return here again - to a place where they will be supported, not persecuted. Let's remove the BitLicense, and then we will have free circulation of bitcoin," he said.

The BitLicense has been in effect since 2015 and was introduced by the NYDFS to protect users from digital asset fraud. However, companies face significant administrative and financial hurdles to obtain the license. Requirements include strict oversight, disclosure requirements, and high internal control standards. The cost of obtaining a license can reach $100,000, with minimum costs starting at $5,000.

Among the companies that have managed to obtain a BitLicense are such major players as Circle, which issued the USDC stablecoin, the American crypto exchange Coinbase, Bakkt, Robinhood Crypto and SoFi Digital Assets. However, according to Adams, such conditions often scare off new projects and hinder the development of entrepreneurial activity in the state. The mayor has previously come up with initiatives in support of crypto technologies, including holding the first-ever crypto summit in the city, where the creation of an advisory council on digital assets was announced.

He said such steps would help attract investment, create new jobs and strengthen New York's economy. Adams has also previously spoken out against a ban on cryptocurrency mining in the state, believing that regulation should be aimed at developing the industry rather than restricting it.